In an environment of across-the-board cost cutting by corporations, information security teams are being asked to reduce budgets, even as threats grow. CISOs and CROs are grappling with a question many are not prepared to answer: how can I spend less on cybersecurity while maintaining an acceptable level of risk? Conventional security thinking assumes that more controls = lower the risk. But that’s only a rationale for more, not less spending.
Forward-looking security leaders have found a better way: quantify risk to understand loss exposure in financial terms and the effectiveness of controls in risk reduction, then re-organize budget around the controls that will yield the best return on investment (ROI).
It’s an approach made possible by RiskLens for cyber risk analytics, based on FAIR™, the international standard for cyber risk quantification. RiskLens can show you how to apply quantitative analysis to quickly rationalize the tradeoffs in decisions on controls and other budget items, all in financial terms that can be easily communicated to the rest of the business.
The RiskLens platform is built to rapidly analyze and rank your risks, so you start with accurate situational awareness of how much and where your organization faces potential loss exposure. When budget demands come down, you’re well prepared to focus the discussion on risk, instead of accepting one-size-fits-all cuts.
RiskLens gives you a structure to strategize on budget reduction while minimizing risk. You can assess your controls for risk reduction effectiveness – and use the platform to run what-if analyses, modeling scenarios to remove controls or change how they are implemented to see effect on loss exposure.
The reporting you’ll get from RiskLens is always in a financial language that business decision-makers understand, with loss exposure shown in dollar terms – no technical speak or “trust me I’m an expert.” You’ll clearly present investment vs. risk tradeoffs as scenarios in line with norms of enterprise risk reporting.
RiskLens Services experts are hands-on as you start your risk-quantification journey, guiding your cybersecurity and risk management teams in a kickoff workshop to gather available data from within your organization and interview SMEs to build out the foundations for analysis, often discovering insights about risk exposure right away. Depending on your desired outcome, the workshop can lead to a triage analysis to identify top risks or focus on a few risk scenarios of high, immediate concern.
Reports are created quickly so that they are of immediate use to your organization for decision support. Intuitive and customizable, they can be used to summarize top risks, compare against different thresholds and aggregate findings. Reports are always presented in financial terms in ranges, so decision makers get the clearest view of their options.
Our emphasis is always on educating your team to run quantitative risk analysis on your own, though we partner with you on an ongoing, coaching basis. Besides the initial benefit of identifying some initial scenarios for cost-cutting, you receive a foundational hands-on experience with the FAIR methodology and blueprints to perform future analyses using the RiskLens Platform.
Let us help you measure your risk in financial terms.
RiskLens offers solutions that measure and analyze cybersecurity risk with the international FAIR standard.